PetroChina 2Q Profit Rises 15%, Matches Estimates

Reuters

HONG KONG, Aug 28 (Reuters) – PetroChina , the country's top oil and gas producer which also owns refineries, posted a 15 percent rise in second-quarter profit, partly due to higher upstream earnings and improved refining margins.

Second-quarter net profit rose to 33.9 billion yuan ($5.5 billion) in April-June from 29.5 billion yuan a year earlier, according to Reuters calculations based on PetroChina's first-half results released on Thursday.

That compares with an average forecast of 33.2 billion yuan by six analysts polled by Thomson Reuters.

PetroChina said it expected oversupply to persist in the domestic oil product market in the second half of the year and forecast oil prices would be volatile.

"The mild recovery of the global economy will remain highly uncertain in the second half of 2014 and the global oil price is still likely to fluctuate at high levels," chairman Zhou Jiping said in an earnings statement.

"It is expected that the domestic economy will continue to develop at a reasonable pace, while downward pressure on the economy still exists."

The state-run oil giant said first-half capital spending fell 15.8 percent on the year to 91.1 billion yuan.


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